LianGuai Daily | The Wall Street Journal Binance Considers Fully Exiting the Russian Market


Wall Street Journal: Binance Considering Complete Exit from Russian Market

According to the Wall Street Journal, cryptocurrency giant Binance is reevaluating its Russian business, including the possibility of a complete exit from the market. A spokesperson told the Wall Street Journal, “All options are on the table, including a complete exit.”

Last week, the Wall Street Journal reported that Binance was helping Russians move funds abroad, despite the company’s statement last year that it had ceased operations in the country, complying with Western sanctions and limiting its transactions on Russian platforms. Binance later took action to restrict peer-to-peer transactions involving sanctioned Russian banks.

Market Trends

As of writing, according to coinmarketcap data:

BTC recent trading price is $26,122, with a daily change of +0.07%;

ETH recent trading price is $1,653.7, with a daily change of +0.31%;

BNB recent trading price is $218.82, with a daily change of +0.16%;

XRP recent trading price is $0.5227, with a daily change of +0.51%;

DOGE recent trading price is $0.0633, with a daily change of +0.28%;

ADA recent trading price is $0.2679, with a daily change of +0.88%;

SOL recent trading price is $20.586, with a daily change of +0.25%.


SEC Commissioner Hester Peirce Opposes Enforcement Actions Against NFTs

SEC Commissioner Hester Peirce and Mark Uyeda have expressed dissent against the agency’s enforcement actions treating NFT sales as securities. Earlier, the SEC charged ImLianGuaict Theory with conducting unregistered security token sales through NFTs, resulting in a $6.1 million fine and an agreement to cease its current business practices.

The two commissioners stated that the NFT sales in question do not meet the Howey Test and added that the enforcement actions have pushed the SEC into unfamiliar territory as it marks the first time such enforcement has been directed at NFT issuers. Hester Peirce stated that NFTs are not a single-use asset class, and different NFTs have multiple use cases, thus the SEC may need new categories to determine how securities laws apply to offers and sales.

Blockchain Applications

Liquidity Transfer Protocol Stargate Deployed on Kava Blockchain

The Liquidity Transfer Protocol Stargate has been deployed on the Kava blockchain, allowing users to access native USDT on Kava and bridge to other networks supported by Kava, such as Ethereum, BNB Chain, Polygon, and more.

The Graph Announces Entry into the Third Stage of L2 Scaling

Web3 protocol The Graph announced the entry into the third phase of L2 expansion, marking the final step in The Graph’s expansion process on L2. L2 transfer tools are now live, making it easier and seamless to access The Graph on Arbitrum. These tools help all network participants easily transfer GRT or subgraphs to L2 and start taking advantage of significantly reduced gas fees and faster transaction speeds.

EigenLayer to launch first active verification service EigenDA

EigenLayer, an Ethereum re-staking protocol, announced in a tweet that it will be launching its first active verification service (AVS) “EigenDA”. The team stated that access to EigenDA will be launched on the testnet in the coming months, with the mainnet following shortly after.

It is reported that EigenDA is a data availability service that provides high transaction throughput and economic security for Ethereum operators and retakers. Horizontal scaling will eventually allow EigenDA to scale to 1 TB/s at minimal cost and technical overhead.

Webacy to integrate with Arbitrum to enhance DeFi and self-custody security

DeFi security provider Webacy announced its integration with Arbitrum, enabling nearly 12 million different addresses on Arbitrum to access Webacy’s “Wallet Watch” tool. Founder and CEO Maika Isokawa stated that the tool is their most popular product, providing real-time notifications to users via SMS or email about deposit and withdrawal transactions, approvals, trades, and airdrops. Additionally, Webacy does not touch customers’ keys or access their wallets. Instead, Webacy provides tools for customers to self-protect their wallets. Currently, Webacy’s three-layer protection suite can be used via desktop or mobile browsers.


Data: Gas consumption of some Meme coins surpasses USDT and USDC

Data monitored by Santiment shows that the gas consumption of several Memecoins has recently surpassed that of USDT and USDC, a very rare occurrence when traders engage in speculative trading.

Optimism: Initial OP token distribution to be transferred to Base on August 30th

Optimism announced on the X platform (formerly Twitter) that the initial distribution of OP tokens will be transferred to Base on August 30th, which is a planned transaction.

Previously reported by LianGuai, the Optimism Foundation announced last week that it has provided Base with the opportunity to allocate up to approximately 118 million OP tokens over the next six years, aiming to reward Base for its contributions to scaling Ethereum and the OP Stack, ensuring long-term consistency and commitment to the ecosystem.

Hut8 VP: Bitcoin could reach $100,000

Sue Ennis, VP of Hut8, stated in a recent interview with LianGuaiul Barron that in the next cycle, the price of each Bitcoin could reach $100,000, based on BTC occupying 2% to 5% of the $13 trillion gold market share in institutional portfolios. Ennis believes that if BTC can capture 2% to 3% of the gold market value, the price will rise significantly and surpass $100,000.

Possibility percentage of the approval of spot Bitcoin ETF by the end of 2023, Ennis said that the probability is over 50% because BlackRock is also involved. BlackRock is a powerful asset management company and the largest in the world. Its influence on the market in past actions has been enormous, which is a real bullish signal.

CoinShares Research Director: Dollar Cost Averaging can mitigate the volatility of cryptocurrencies

James Butterfill, Research Director of CoinShares, said in an interview that Dollar Cost Averaging (regular small asset purchases or holdings for sale) can mitigate the volatility of cryptocurrencies, whether in a bull market or a bear market. Implementing Dollar Cost Averaging can help lower the average purchase cost and reduce the impact of volatility on the investment portfolio.

Bitcoin behaves similarly to other alternative assets and has “significant diversification advantages beyond assets such as gold, commodities, or real estate”.

Important Economic Trends

Restrictions on refinancing, 34 projects have been halted this year

According to incomplete statistics, 34 refinancing projects in the Shanghai and Shenzhen stock markets have been halted since the beginning of the year, far exceeding the 15 projects for the entire previous year. In August alone, 10 listed companies, including Xinwangda, Lianyungang, Minsheng Bank, Zhongyuan Securities, Fuchun Environmental Protection, and Qianjing Landscaping, voluntarily withdrew or terminated their applications for issuing securities or convertible bonds to specific objects. (First Financial)

LianGuai Encyclopedia


Refers to the situation where two blocks pointing to the same parent block are generated simultaneously, and some miners see one block while other miners see another block. This leads to the simultaneous growth of two blockchains. Generally, as miners on one chain get lucky and that chain grows, all miners will switch to that chain, and the fork will mathematically finalize itself within about four blocks.

Disclaimer: LianGuai, as a blockchain information platform, publishes article content for information reference only and does not serve as actual investment advice. Please establish correct investment concepts and improve risk awareness.

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